Your network questions
Your network questions are the five questions someone has to answer correctly before they can send you a friend request. You choose which five, and you set the answers.
Until you have set them, nobody can add you as a friend. There is no default set and no way around it, so this is worth doing early if you want people you meet at events to be able to find you afterwards.
Choosing them
Pick exactly five from the available questions, and answer each one as it is true of you. The answers are chosen from a small set of options rather than typed, so answering is quick for the other person.

The point is to pick questions that someone who genuinely knows you would get right, and someone who does not would have to guess at. A question with an obvious answer protects nothing. A question you would not expect a real friend to know makes you unreachable.
Changing them
You can change your questions and answers once a week. The window resets every Wednesday at 00:00 UTC.
The limit exists because the questions would otherwise be trivial to defeat by changing them constantly, and because someone part-way through answering should not have the answers moved.
What changing them does not do
It does not unblock anyone. If somebody has already used up their three attempts against you, they stay blocked even after you replace every question and answer. Changing your questions is not a way to give someone another chance.
It also does not affect people who are already your friends. They stay your friends.
What happens to someone answering them
They get three attempts. After three wrong ones they can never send you a request again. See How friend requests work for the full picture from their side.